CNBC’s Kate Rooney joins ‘The Exchange’ with news about how tech executives are feeling about a Trump-Vance ticket. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/42d859g
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date: 2024-07-29 19:38:43
duration: 00:03:21
author: UCrp_UI8XtuYfpiqluWLD7Lw
Silicon Valley Warms Up to Trump-Vance Ticket for AI and Crypto Policies
A surprising development is emerging in the 2024 presidential election. After years of being seen as a bastion of liberal, anti-Trump territory, Silicon Valley is now warming up to the Trump-Vance ticket. The shift is largely attributed to the Biden administration’s perceived crackdown on cryptocurrency, which has appalled many in the industry. A high-profile fundraiser hosted by a cryptocurrency executive, Mike Buehli, is expected to take place in Palo Alto tonight, with several tech elites and former Democrats planning to attend.
The event marks a departure from the traditional tech community’s support for the left. According to Kate Rooney, the fundraiser will be attended by individuals who are normally Democratic donors but are now open to supporting the Trump-Vance ticket. The cryptocurrency executive, Buehli, has been a registered Democrat for decades but plans to give to the GOP this year in protest of the Biden administration’s cryptocurrency policies.
The incident highlights the growing divide between the tech community’s interests and those of the current administration. The SEC, under Gary Gensler, has been a major thorn in the side of the crypto industry, while venture capital investors focus on antitrust concerns, AI, and the FTC’s handling of the likes of Meta and L con.
The Trump-Vance ticket’s embracement of the crypto industry may be a key factor in the shift, as seen by the involvement of figures such as JD Vance, a former investor in PayPal, who has close ties to the "PayPal Mafia," including David Sacks and Elon Musk. Meanwhile, Kamala Harris, a former San Francisco DA and California AG, has raised $100 million from tech donors, tapping into a different pool of support.
The development raises questions about the future of venture capital and the carried interest loophole, which has sparked heated debates. With the issue remaining unresolved, it remains to be seen whether Trump-Vance will address this concern and shift the narrative in their favor.
